EC255 Lecture Notes - Lecture 4: Collectively Exhaustive Events, Mutual Exclusivity, Elementary Event
Document Summary
In the long run, you will likely encounter concepts involving probability quite often. In this class, probability will help us make the transition from: descriptive statistics to inferential statistics. Basic definition: the probability of an event is a number that measures the relative likelihood that the event will occur, the probability of event a [denoted p(a)], must lie within the interval from 0 to 1: Key definitions: experiment, elementary event / event, sample space, complementary events, union and intersection, mutually exclusive events, collectively exhaustive events. Experiment: a process that produces an outcome, more than one possible outcome, only one outcome per trial, outcome cannot be known with certainty in advance, trial: one repetition of the process. Examples: roll a die numbers: (cid:883), (cid:884), , (cid:888, roll a die numbers: odd, even, task completion time > zero minutes, applying for a job, federal election.
